Shiba Inu Coin (SHIB) daily drop of 10% might be a good thing
In short:
Shiba Inu Coin surged on Sunday, but dropped significantly on Monday like other cryptocurrencies.
However, some analysts believe this might be a correction before a big rise, and they predict this popular meme coin could reach a historical high.
SHIB faced a severe setback on Monday
CryptoPotato reported yesterday that the second-largest meme coin was performing quite well. At that time, SHIB was the best performer among large-cap altcoins, rising over 15% in 24 hours. SHIB surged to its highest point since March this year, exceeding $0.000033.
But on Monday, the entire cryptocurrency market changed, with many assets plummeting. For instance, Bitcoin dropped from over $98,000 to below $95,000, possibly due to some whales selling.
Shiba Inu Coin didn't escape either, dropping nearly 10% in one day to below $0.00003. However, a well-known analyst named Diamond-Hands stated that SHIB's adjustment might be nearing its end, and this asset could start rising soon.
Is SHIB about to rebound?
Diamond-Hands said on Twitter: "We might stir up some waves from here.
Another technical analyst named Ali predicts that SHIB could rise to $0.000037, as long as the price stays above the critical level of $0.000025.
Some pages related to SHIB continue to be optimistic about this asset, suggesting it has the potential to reach a historical high. CoinGecko mentioned that to achieve this goal, SHIB's price would need to triple from its current level since its previous historical high was $0.00008616.
What are the advantages?
Javon Marks told his nearly 50,000 followers on social media that the weekend's meme coin rally proves "another bull market pattern," meaning it could "further join the bull market." The analyst also pointed out that the target of $0.000081 is still very important, and SHIB might soon challenge its previous historical high.
In terms of future positioning, I will guide everyone to aim for lucrative opportunities in altcoins, especially those with high potential projects, expecting a growth space of over 10 times is not a problem. If you want to make big money in the bull market, like + comment, and I'll take you to layout the entire bull market!
